The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-22
A GREAT SCHEME.
Americans Secure Corner on Peru by As
suming the National Debt.

New YORK juno 2l.-A scheme that dwarfs
anything that De Lesseps has yet essayed, and
beside which the power of the Standard Oil
Company is as a tallow dip to incandescent
electric light, has just come to light through tho
rumor here, some days ago, that Michael T.
Grace, brother of ex-Mayor Grace, had been
killed by the Apache Indians in Arizona. It
has not been learned yet who started the story
in the Southwest, MIR. Grace is not there,
and has not been in that section for months.
He is at present in London completing syndi-
cate arrangements for what undoubtedly is one
of the most stupendous financial experiments
that the world has ever seen. and it is under
stood here tina. he has been successful in his
undertaking.
The project which originated with the firm of
w. r. Grace g. Co.. is that of buying a nation,
and rich and populous one too. This scheme,
undertaken bv this English and American sy ndi-s
cate, con templates assuming the entire national
debt of Peru, which mounts mp into the hun
dred millions From the war between that coun-
try and Chili-whose outcome was surprise to
most other people well as the Peruvans. and
contains some salutatory lessons for the United
States to the i'm portance and effectiveness of
a uavy-Peru has been entirely unable to rally
Her prodigious debt has rendered her helpless
to undertake the repair of her ruined railways,
or to institute those public works necessary to
restore her broken industries. Until she could
arrange that in some way. recuperation of her
prosperity seemed hopeless.
The firm of Grace g. Co. have had consider
able dealings with South America, and Peru in
particular, and they conceived the plan of as
suming the debt for value received. This has
been Michael Graces business in England, and
the syndicate that makes itself responsible for
Peru's debt has guaranteed to 1T all railway, tele
graph and telephone privileges 70 indefinite
long period of time hy the Peruvi an government
The bargain is a good one beth sides. appar-
entity. The State is relieved Of the debt and
given a chance TO breathe again, having the
crushing load of debt removed, and it is the
intention of the holders OF th Csc privileges to
develop to their utmost the in dustries and pros
perity of the country through which their rail
ways 1t is safe to say, also, that the syn
dicate their way to ad eQuate return upon
their investment of buying a country, for it is
practically that. as complete control of the
telegraph aud all transfer facilities make them,
in effect, absolute dictators
This transaction dwarfs by comparison what
people have been retailing with wonder as the
biggest and most expensive franchise purchase
known IN New York the other day. that of the
cross-town railway, which is to run through
Fulton street from RIVER to the other and
for which AZ per cent. the gross earn
iDgs was paid The Grace family is a very re-
markable one, much N Ore so than the ordi-
nary observer Is of, and their scope
Is equal to their power. w. r. Grace
is the very shrewdest of politicians, and has not
yet come to the end of fls possible achievements
in that arena. he is of the most influential
members of the Cathol ic Church in this city, and
this recent undertakin of his gives some insight
prise q merchant The massacre rumor
brought out the truth. of the whereabouts of Mr.
Grace. and with it came the story of his great
undertaking.